Resources | Publications

As you may be aware, the Illinois legislature recently completed its 2019 legislative session. This session was particularly productive from a tax legislation perspective and we would like to update you on the key state and local tax changes that may affect you or your business. Please do not hesitate to contact any member of the HMB SALT team if…

David provides an overview of the regulation of cannabis and considers the top legal issues faced by a cannabis-related business, focusing on the conflict between federal law and state laws where medical or adult use recreational marijuana is legal.

John Guzzardo and Rick Rein wrote an article for NABT American Bankruptcy Trustee Journal regarding the use of Consent Directives to locate offshore assets. A consent directive is a "rare bird" investigatory tool that litigants in the US may use to discover assets and information from debtors or third parties located anywhere in the world. Recently, the Ninth Circuit Bankruptcy…

John Guzzardo and Rick Rein wrote an article for American Bankruptcy Trustee Journal regarding the use of Consent Directives to locate offshore assets.

Cryptocurrency has been all the rage recently in the financial and legal news. Everyone has or knows someone who owns bitcoin (the most common form of cryptocurrency), but what exactly is cryptocurrency?

While distinguishing between tangible personal property and real property is necessary in several contexts, it is not always a simple determination to make, particularly from a tax perspective.

Everyone is by now likely familiar with the recent Wayfair decision and its central holding. Prior to Wayfair, businesses had some degree of comfort that they would not be required to collect and remit sales or use taxes to states in which those businesses did …

Article by: Diane Yetter Read full article published by Sales Tax Institute on 5/18/18. The  South Dakota v. Wayfair court case has been dominating news cycles lately and in a very short time, much has happened. On April 17th, the US Supreme Court heard oral arguments and this article gets different perspectives on the outcome from five experts on sales…

The use of cryptocurrencies is increasing at a staggering pace. As cryptocurrency use becomes mainstream, its use as a form of payment and storage as an asset will increase across industries and among companies and individuals.

State and Local Tax Attorneys Fred Marcus, Jordan Goodman and Marilyn Wethekam recently authored "Sales and Use Taxes: The Machinery and Equipment Exemption" for Bloomberg BNA's Tax Management Portfolios, 1330 3rd edition. This portfolio discusses sales and use tax incentives for machinery and equipment used in manufacturing operations. HMB offers a limited number of hard copies for clients. Click here to…

On December 22, 2017, Public Law 115-97, the Tax Cuts and Jobs Act (the Act) was signed into law.  This Act will impact Illinois' income tax base and therefore the state's income tax revenue. The Department has analyzed the Act based on current Illinois law, federal law, and Internal Revenue Service (IRS) rulings and interpretations and issued an "Explanation of the…

The Illinois replacement tax allows an LLC or partnership to deduct from its base income ”personal service income” or a reasonable allowance for compensation paid or accrued for services rendered by the partners.

Congress appears poised to enact a major tax reform that could potentially make fundamental changes in the way you and your family calculate your federal income tax bill, and the amount of federal tax you will pay. This letter is designed to help you evaluate …

Rick Rein Contributed to an article discussing Local jurisdictions and establishing a plan of action for achieving an international recovery of an asset.

David’s article explores the ramifications of treating something as tangible personal or real property for sales/use and property tax purposes, specific to the telecommunication industry.

Recent cases have brought to the forefront issues regarding the risks of purchasing art.

The ABA published this article in one of their journals and it expresses my views of what makes a satisfying client relationship, as well as a satisfying relationship with partners, referral sources, and the legal practice generally.

Family Foundation Advisor is a publication of the Civic Research Institute, offering guidance for effective foundation management, development and grant-making. Family Foundation Advisor is devoted exclusively to helping family foundation administrators and their professional advisors. In How to Connect With the Next Generation of Philanthropists, John discusses the changing landscape of philanthropy with respect to millennials joining the charitable planning…

SECOND NOTICE OF PROPOSED RULEMAKING 1)         Agency:  Illinois Department of Revenue 2)         Title and Ill. Adm. Code Citation of Proposed Rulemaking:  Retailers' Occupation Tax, 86 Ill. Adm. Code 130.410, 130.415 3)         Date, Issue, and page number of the Illinois Register in which the First Notice was published:  August 25, 2015, Issue 35, 39 Ill. Reg. 11865. 4)         Text and Location of any Changes Made…

Illinois Appellate Court Holds Entities Must Be Represented By an Attorney At Administrative Hearings A recent decision by the Illinois Appellate Court held that corporations may not represent themselves at administrative hearings, but instead must be represented by an attorney. In Stone Street Partners, LLC v. The City of Chicago Department of Administrative Hearings, Case No. 12 M1 450026, Stone…

Spring 2014 The winter months were unusually cool in late 2013 and early 2014, and most middle market borrowers and lenders will likely concede that lending activity during those months was equally cool.  The optimism for robust deal flow in 2013 never materialized into actual results, even though most middle market lenders remained quite optimistic until the bitter end.  Spring,…

FALL 2013 Although the first half of 2013 was marred by stagnant activity within the middle market lending environment, senior lenders across the middle market seem quite optimistic about finishing the year with a bang.  While it is difficult for senior lenders to pinpoint the exact cause for their optimism, the recurring talking point has been that these senior lenders…

On June 5, 2013, the City of Chicago's City Council passed an ordinance (the "Ordinance") that requires all purchasers of foreclosed rental properties in Chicago to either renew or extend each existing tenant's lease with annual rent increases not to exceed two percent (2%) or pay each existing tenant a relocation fee of $10,600.00 (per unit). All rental properties in…

In an effort to increase transfer tax revenue, the City of Chicago seeks to amend its Municipal Code in a manner that would result in tax liability for some real estate investors on transfers of real property that traditionally have been treated as exempt transfers. The City's proposed amendments come on the heels of several unfavorable Department of Administrative Hearing…

For many foreclosure sales, the typical sale process - selling the property at a court-ordered auction - is sufficient.  The result of most such sales is the bank "credit bidding" against its debt.  In certain cases, however, a traditional judicial auction may not be appropriate.  For example, the bank may not want to take title to the property or the…